Wednesday, June 19, 2024
HomeLatest NewsBusinessHomes Prices Above Rs 1 Crore See Highest Sales in India During...

Homes Prices Above Rs 1 Crore See Highest Sales in India During January-March 2024: Report – Prime Time News24


Moving into 2024, the Indian residential market has sustained its momentum with gross sales rising at 9 per cent YoY in Q1 2024.

The surge in housing gross sales was exceptional 259 per cent YoY within the above Rs 1 crore phase, says a Knight Frank report

India’s residential market in 2024 up to now has witnessed a sustained momentum with gross sales rising at 9 per cent year-on-year (YoY) throughout January-March 2024, based on a report by Knight Frank. The surge in gross sales was exceptional 259 per cent YoY within the housing phase above Rs 1 crore.

“Gross sales volumes within the major market have grown at an annualised charge of 29 per cent since 2020, that culminated in a 10-year excessive in 2023. India maintained its place because the fastest-growing main economic system, with a gradual outlook on rates of interest by the shut of 2023. Moving into 2024 the Indian residential market has sustained its momentum with gross sales rising at 9 per cent YoY in Q1 2024,” Knight Frank mentioned within the report.

Mumbai witnessed the very best gross sales quantity and YoY development, with 23,743 models offered in Q1 2024, marking a 17 per cent enhance from the previous 12 months. The surge was predominantly pushed by a exceptional 259 per cent rise within the gross sales of models priced above Rs 1 crore in comparison with the corresponding interval within the earlier 12 months (Q1 2023), it mentioned.

Gross sales volumes in Hyderabad grew by 15 per cent YoY, adopted by Pune at 14 per cent YoY through the quarter, the report added.

When it comes to launch, a complete of 93,254 new residential models have been launched in Q1 2024 registering a development of seven per cent YoY. Kolkata skilled probably the most vital development in models launched, with a YoY enhance of 89 per cent, reaching a file excessive for the market with 6,021 models launched, it mentioned.

“Gross sales have been prominently skewed in the direction of the Rs 10 million (Rs 1 crore) value phase. The present QTS degree of 5.9 quarters which is considerably higher than the 6.7 degree a 12 months in the past, signifies that the general market traction has improved regardless of the rise in unsold stock ranges,” based on the report.

The basic construction of the market has undergone vital modifications, with the upper ticket sizes accounting for almost all of gross sales, whereas volumes within the Rs 50 lakh phase have decelerated constantly.

Homes Between Rs 50 Lakh and Rs 1 Crore

Gross sales within the Rs 5-10 million phase witnessed a drop of 6 per cent YoY in Q1 2024, as homebuyers’ focus shifted to the upper priced class through the quarter.

“The drop on this phase’s gross sales could be considered as a standard correction in a long-term upward pattern. Bengaluru (6,065), Mumbai (5,815), and Pune (5,399) collectively accounted for greater than 60 per cent of gross sales within the ticket dimension between Rs 5 million to Rs 10 million. The QTS ranges for this phase stand at 4.9 quarters,” it mentioned.

Homes Beneath Rs 50 Lakh

The share of gross sales within the Rs 5 million (Rs 50 lakhs) and under ticket dimension has additionally declined by 10 per cent YoY with gross sales of 25,714 models in Q1 2023 to 23,026 models in Q3 2023. The present gross sales share of 27 per cent is a far cry from the 41 per cent ranges in Q1 2022, based on the report.

“The mixed impression of rising costs, larger house mortgage charges, and the comparatively antagonistic results of the pandemic on this sector continued, suppressing demand,” it mentioned.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments